final review

Question 1

Where property under a contract of sale is destroyed before closing not thru the fault of either party, who bears the risk of loss?

Answer 1

the buyer. basically, it means the seller is still entitled to specific performance and the money.

Question 2

if a deed is conveyed with the following language, “the grantee expressly assumes the mortgage,” and there is a deficiency in the payment of the mortgage, who is liable?

Answer 2

the grantee is primarily liable and the seller is secondarily liable. if the question is who should the deficiency grant be given against, it should be the grantee b/c they are primarily liable.

Question 3

when does a purchase money mortgage result?

Answer 3

1. when a seller receives a mortgage as part of the purchase price
2. when a 3d party lender lends money to the buyer for the property, the 3d party lender takes a PMM

Question 4

when a tenant continues in possession after her lease has expired, what choices does the LL have?

Answer 4

1. he may evict her
2. he may bind her to a new tenancy, with the same terms as the prior lease. the only time the LL may bind the holdover tenant to new terms is if he notified her of the change in terms before the end of the prior lease.

Question 5

what is req’d to create a joint tenancy?

Answer 5

the 4 unities:

1. time
2. interest (same type and duration)
3. title (acquired thru same instrument)
4. possession (same rights of enjoyment)

Question 6

what happens to a joint tenancy of three people if one person conveys an interest?

Answer 6

the joint tenancy is severed as that one person, the grantor. the other two remain in their joint tenancy. the grantee has a tenancy in common.

Question 7

what is title theory?

Answer 7

states that follow title theory basically think that mortgaging a property transfers the actual interst to another party. one party mortgaging a joint tenancy would destroy the joint tenancy in this view.

Question 8

what is a lien theory state (majoirty)

Answer 8

putting a mortgage on a property DN transfer title, it’s only a lien on the property. joint tenancy would not be severed under this view.

Question 9

if there is a restrictive covenant that says the house has to be 50 feet from the sidewalk, and a zoning variance that says 30 feet is ok, where can a landowner build?

Answer 9

has to be 50 feet from the sidewalk

Question 10

what is a “profit”?

Answer 10

a nonposessory interst in land that allows the holder to go in and remove minerals and such from the land